New York: Alphabet, the parent company of Google, is in advanced negotiations to acquire cybersecurity startup Wiz for approximately $23 billion, according to a source familiar with the matter who spoke to Reuters on Sunday. The potential acquisition, if finalized, would represent Alphabet’s largest-ever purchase and a notable move amidst increased regulatory scrutiny in the tech industry during the Biden administration.
The source, who requested anonymity due to the confidentiality of the discussions, indicated that a deal could materialize soon. U.S. regulators have shown growing reluctance to approve major mergers and acquisitions by tech giants in recent years.
Wiz, headquartered in New York with R&D facilities in Tel Aviv, reported $350 million in revenue for 2023 and serves 40% of Fortune 100 companies, as stated on its website. The startup, valued at $12 billion following a recent $1 billion funding round, focuses on cloud cybersecurity solutions.
Also Read | Djokovic’s Bid for 25th Grand Slam Dashed by Alcaraz’s Wimbledon Victory
Both Alphabet and Wiz have refrained from commenting on the ongoing discussions.
Also Read | Hsieh and Zielinski Clinch Wimbledon Mixed Doubles Title, Second Major of 2024
Alphabet’s interest in Wiz follows its decision earlier this month not to pursue a takeover of HubSpot, an online marketing software company, as reported by Reuters. The Wall Street Journal initially reported Alphabet’s talks with Wiz earlier on Sunday.
